Month-End Close Checklist for Finance Teams

The month-end close is the process of completing and checking a period's accounting records so management can rely on the numbers. A written checklist makes the close repeatable, shows who owns what, and reveals where the time really goes.

Adapt this list to your business. A small company may finish in a few days, while a group with several entities needs longer and more coordination.

Before month end

• Publish the close calendar, with owners, reviewers and due dates
• Remind staff of cut-off dates for expenses, purchase requests and sales documents
• Resolve open items left over from last month

Cash and bank

• Download statements for every bank account
• Complete a bank reconciliation for each account
• Book bank charges, interest and direct receipts
• Count petty cash and agree it to the ledger

Revenue and receivables

• Confirm that all sales for the period are invoiced, and apply cut-off
• Apply customer receipts to invoices
• Agree the receivables sub-ledger to the control account
• Review overdue balances and the allowance for doubtful debts

Purchases and payables

• Record all supplier invoices received, and accrue for goods or services received but not invoiced
• Agree the payables sub-ledger to the control account
• Reconcile key supplier statements

Other balance-sheet accounts

• Update prepayments and accruals schedules
• Record fixed-asset additions and disposals, and post depreciation
• Reconcile payroll liabilities and tax balances, including VAT, GST or sales tax where they apply
• Agree intercompany balances with each group company
• Revalue foreign-currency balances at closing rates, as your accounting policy requires

Review and reporting

• Import or extract the trial balance and check that it balances
• Make sure every balance-sheet account has a supported reconciliation
• Review the profit and loss account and balance sheet against budget and last period, and explain large movements
• Have a reviewer approve journals and reconciliations
• Lock the period to prevent later changes
• Issue management reports

After the close

• Record what caused delays, and what could move earlier next month
• Track how many days the close takes, how many items were late, and how many entries were made after the close

How to shorten the close

1. Move work earlier. Reconcile cash weekly, so month end has less to clear.
2. Set materiality thresholds. Do not spend an hour chasing an immaterial accrual.
3. Standardise. Use the same templates and sequence each month.
4. Make dependencies visible. Most delays come from one task waiting for another.
5. Automate matching. Keep human time for judgement and review.

Closentry on the Business plan brings together close tasks with owners and due dates, account reconciliations from your trial balance, and review and approval, with a signed audit trail. It does not replace your accounting system: your books stay where they are.